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Evolus Inc (EOLS)
NASDAQ:EOLS
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Evolus
(NASDAQ:EOLS)
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Rating:48Neutral
Price Target:
$4.50
▼(-8.35% Downside)
The score is held back primarily by weak financial health (ongoing losses, negative equity, and leverage) and bearish technicals. This is partly offset by a strong, growth-focused earnings call with improving commercial traction and a clear profitability target timeline, while valuation is difficult to support due to negative earnings.
Positive Factors
Consumer loyalty & repeat customers
A large, fast-growing loyalty base with ~70% repeat rates builds durable demand and lowers acquisition costs. High retention supports recurring procedure volumes, steadier revenue streams and better predictability for providers, aiding long-term market penetration and cross-sell.
Evolysse launch success diversifies portfolio
A strong HA filler debut demonstrates commercial acceptance beyond the flagship neuromodulator, reducing concentration risk. If Evolysse scaling continues, it can broaden revenue sources, improve channel leverage with clinicians, and enhance margin mix over multiple quarters.
High gross profit margin
A ~67% gross margin indicates attractive unit economics and pricing power in core products. With scale and tighter operating costs, this margin profile can convert to sustainable profitability, supporting reinvestment in marketing and international expansion over the medium term.
Negative Factors
High leverage and negative equity
Negative equity and extreme leverage materially constrain financial flexibility, limit ability to fund growth or weather shocks, and raise refinancing risk. Structural capital weakness can force dilution or costly debt solutions, hindering long-term strategy execution.
Negative operating cash flow and unprofitable operations
Ongoing negative operating cash flow and material operating losses signal the company must sustainably convert high gross margins into positive operating cash generation. Without durable operating cash improvements, funding growth and deleveraging remain structural challenges.
Tariff and macro/regulatory uncertainty
Regulatory and tariff risks can structurally increase input or distribution costs and compress margins, while regulatory pathways affect product rollouts. Persistent policy uncertainty complicates multi-market expansion plans and pricing stability over the medium term.
Evolus (EOLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$304.00M
Dividend YieldN/A
Average Volume (3M)1.19M
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth15.10%
EPS Growth0.18%
CountryUS
Employees372
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.13
Shares Outstanding64,819,786
10 Day Avg. Volume1,056,124
30 Day Avg. Volume1,188,989
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)123.99
Price to Sales (P/S)2.57
P/FCF Ratio-35.16
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue1.45
Enterprise Value/Gross Profit2.21
Enterprise Value/Ebitda-14.17
Forecast
1Y Price Target
$14.50Price Target Upside195.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Evolus Business Overview & Revenue Model
Company DescriptionEvolus, Inc., a performance beauty company, provides medical aesthetic products for physicians and their patients in the United States. It offers Jeuveau, a proprietary 900 kilodalton purified botulinum toxin type A formulation for the temporary improvement in the appearance of moderate to severe glabellar lines in adults. The company was incorporated in 2012 and is headquartered in Newport Beach, California.
How the Company Makes MoneyEvolus generates revenue primarily through the sale of its aesthetic products, with Jeuveau being the cornerstone of its revenue model. The company sells its products directly to healthcare providers, who then administer the treatments to patients. Revenue is also supplemented by partnerships with medical aesthetic clinics and practices. Evolus benefits from a growing trend in the beauty industry towards non-invasive procedures, which further supports its earnings. Additionally, the company invests in marketing and brand development to enhance product awareness and drive sales.
Evolus Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 11, 2026
Earnings Call Sentiment Positive
The earnings call reflects strong growth in consumer engagement, successful product launches, and international expansion, despite facing macroeconomic challenges and tariff uncertainties. Evolus demonstrates resilience and strategic adaptation, positioning for continued growth.Q3-2025 Updates
Positive Updates
Strong Consumer Engagement and Loyalty
Evolus' consumer loyalty program grew to over 1.3 million members, a 34% increase year-on-year, with nearly 70% returning customers.
Evolysse Launch Success
Evolysse generated $5.7 million in revenue in the third quarter and $15.5 million since launch, marking the strongest HA filler debut in over a decade.
International Market Expansion
Evolus entered two new markets this year, with the U.K. showing a market share that closely mirrors U.S. post-launch performance.
Jeuveau Outperforms Market
Despite U.S. aesthetic market headwinds, Jeuveau unit volume has grown year-to-date, outperforming a market that is down single digits.
Revenue Growth
Third-quarter revenue increased by 13%, driven by strong global demand for Jeuveau and early contributions from Evolysse.
Positive Customer Expansion
Evolus added nearly 500 new purchasing accounts in the third quarter, bringing the total to over 17,000 accounts.
Regulatory Advancements
Submission of PMA to the U.S. FDA for Evolysse Sculpt and ongoing progress in other regulatory milestones.
Negative Updates
Macroeconomic Challenges
The U.S. aesthetic market faces near-term challenges related to consumer spending, impacting demand.
Tariff Uncertainty
Potential tariffs on pharmaceuticals, including Jeuveau, create uncertainty, though mitigation strategies are in place.
Inventory Management
Accounts are managing inventory levels carefully, impacting purchasing patterns and requiring strategic adaptations.
Company Guidance
During Evolus' third quarter earnings call, the company provided guidance on several key metrics and strategic initiatives. Revenue for the third quarter of 2025 was reported at $69 million, marking a 13% increase from the same quarter in 2024, driven by strong global demand for Jeuveau and the introduction of Evolysse in the U.S. Evolus highlighted that their consumer loyalty program grew to over 1.3 million members, with a 34% year-on-year increase, and nearly 70% of these members returned as customers. The company's Evolux co-branded media initiative achieved over 300 million media impressions across digital, billboard, and streaming campaigns. Evolus aims to achieve profitability in the fourth quarter of 2025, with sustainable annual profitability projected to begin in 2026. The company also expanded its customer base by adding nearly 500 new purchasing accounts, bringing the total to over 17,000, with 2,000 of these accounts also purchasing Evolysse. Additionally, Evolus' entry into two new international markets and continued high-growth in mature markets like the U.K. were noted. The guidance also addressed strategic cost optimizations, expected revenue growth between $295 million and $305 million for 2025, and the introduction of a new portfolio bundle to drive market share gains.Evolus Financial Statement Overview
Summary
Revenue is growing, but profitability remains weak with negative net and EBIT margins. Balance sheet risk is elevated due to negative stockholders’ equity and high leverage, partially offset by improving free cash flow growth.Income Statement
Evolus has shown some revenue growth with a TTM increase of 2.84%, but profitability remains a challenge. The company has a negative net profit margin of -22.34% and an EBIT margin of -15.60%, indicating ongoing operational losses. Despite a decent gross profit margin of 66.73%, the negative margins highlight significant cost management issues.45
Neutral
Balance Sheet
The balance sheet reveals a concerning financial structure with a negative stockholders' equity and a high debt-to-equity ratio of -8.31 in TTM, indicating high leverage and financial instability. Although the return on equity is positive at 17.91%, it is primarily due to the negative equity, which is a risk factor.30
Negative
Cash Flow
Cash flow analysis shows a significant improvement in free cash flow growth at 85.26% TTM, yet the company still faces negative operating cash flow. The free cash flow to net income ratio is slightly above 1, suggesting some efficiency in cash management despite ongoing losses.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 285.82M | 266.27M | 202.09M | 148.62M | 99.67M | 56.54M |
| Gross Profit | 188.16M | 182.30M | 140.53M | 89.77M | 56.14M | 38.24M |
| EBITDA | -29.31M | -25.00M | -41.81M | -53.85M | -39.06M | -144.75M |
| Net Income | -58.56M | -50.42M | -61.69M | -74.41M | -46.81M | -163.01M |
Balance Sheet | ||||||
| Total Assets | 219.00M | 232.57M | 189.00M | 177.98M | 257.48M | 209.07M |
| Cash, Cash Equivalents and Short-Term Investments | 43.52M | 86.95M | 62.84M | 53.92M | 146.26M | 107.56M |
| Total Debt | 154.89M | 129.98M | 126.55M | 74.42M | 74.74M | 138.32M |
| Total Liabilities | 247.76M | 227.05M | 209.69M | 159.48M | 175.61M | 282.03M |
| Stockholders Equity | -28.76M | 5.52M | -20.69M | 18.50M | 81.88M | -72.96M |
Cash Flow | ||||||
| Free Cash Flow | -56.35M | -19.47M | -35.63M | -87.85M | -34.36M | -61.01M |
| Operating Cash Flow | -50.28M | -18.00M | -34.01M | -84.91M | -33.39M | -57.87M |
| Investing Cash Flow | -7.65M | -4.82M | -1.63M | -2.94M | 4.03M | 12.19M |
| Financing Cash Flow | 15.95M | 47.41M | 44.64M | -4.15M | 73.05M | 38.35M |
Evolus Technical Analysis
Negative
4.91
Price Trends
6.23
Negative
6.42
Negative
7.81
Negative
Market Momentum
-0.45
Negative
36.07
Neutral
30.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOLS, the sentiment is Negative. The current price of 4.91 is below the 20-day moving average (MA) of 5.23, below the 50-day MA of 6.23, and below the 200-day MA of 7.81, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 36.07 is Neutral, neither overbought nor oversold. The STOCH value of 30.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EOLS.
Evolus Risk Analysis
Evolus disclosed 55 risk factors in its most recent earnings report. Evolus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evolus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $595.58M | 9.05 | 13.92% | ― | -29.91% | ― | |
57 Neutral | $278.03M | -23.39 | -47.05% | ― | 2.82% | 60.26% | |
52 Neutral | $507.65M | -43.12 | 0.30% | ― | 2.24% | -67.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $304.00M | -5.38 | ― | ― | 15.10% | 0.18% | |
44 Neutral | $359.91M | -5.83 | ― | ― | -26.32% | -56.54% | |
42 Neutral | $42.16M | -7.15 | -16.67% | ― | -23.60% | -179.33% |
* Healthcare Sector Average
EOLS
Evolus
4.91
-8.07
-62.17%
EBS
Emergent Biosolutions
11.71
1.22
11.63%
RMTI
Rockwell Med
1.14
-0.88
-43.56%
ORGO
Organogenesis Holdings
4.23
0.82
24.05%
AQST
Aquestive Therapeutics
4.10
1.21
41.87%
DERM
Journey Medical Corp
8.59
3.75
77.48%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.